Correct Answer - Option 2 : 2 years

**Given**

Principal = Rs.20,000

Amount = Rs.23328

Rate of interest = 8% per annum

**Formula used**

A = P(1 + r%)^{t}

Where A, P, r, and t are amount, principal, rate and time respectively

**Calculation**

23328 = 20,000 (1 + 8%)^{t}

⇒ 23328/20,000 = (108/100)^{t}

⇒ 729/625 = (27/25)^{t}

⇒ (27/25)^{2} = (27/25)^{t}

⇒ t = 2 years

**∴ Value of t is 2 **